After an ugly Monday in global financial markets while the U.S. markets were closed and Asian stock markets plunging today, the Federal Reserve lowered the interest rate by 0.75% in an "emergency move for the first time since 2001." From the Fed's press release:

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets... more ›

Calling all Idiotarod enthusiasts and people who work in Midtown who might want a lunchtime spectacle. The Carts of Brooklyn Racing Association, aka COBRA, will be holding a press conference at 1PM today outside CBS's headquarters. The group, which is organizing this year's Idiotarod, will be protesting tonight's episode of CSI:NY and its "depiction of shopping cart racing," as the CSI spin-off has been using the Idiotarod name in marketing materials (in the show, it's called the "Idiot Run") without permission. "COBRA's Diabolical Mastermind" Oscar Owens says:

This is yet another example of the lack of respect with which the media treats the 'craft of the speeding trolley.' For years shopping cart racers have faced uninformed and distorted images of themselves. Now they want to paint us as thieves and murderers? It would be one thing if CSI:NY weren't so bad, but this Gary Sinise-led monstrosity is beyond the pale. Do you hear us, Les Moonves? We demand satisfaction."

The Citizens Emergency Committee to Preserve Preservation hauled Mayor Bloomberg to New York State Supreme Court today for failing to reappoint or replace eight of eleven commissioners to the Landmarks Preservation Commission. The commissioners’ terms have expired, which, the Committee alleges, violates the Administrative Code and the City Charter. more ›

toilet paper, soap, and paper towels are not making it from point A to point B." more ›